MicroStrategy co-founder Michael Saylor has finally declared positivity for the altcoin business. In previous times, he has antagonized altcoins like Ethereum and Bitcoin Cash. He now believes that digital assets have “good ideas” and “are unstoppable.”
Saylor’s History With Altcoins
Saylor, known for being a Bitcoin maximalist, has shown detest for other cryptocurrencies besides Bitcoin.
At a blockchain summit in 2022, the MicroStrategy co-founder criticized the leading altcoin, Ethereum. He stated that big network upgrades bring “new attack surfaces” for bad players. He added that the blockchain needs to stay up to five to ten years without suffering from a hack.
Saylor also commented on another altcoin, Bitcoin Cash (BCH). He termed the asset as a “horrific mistake.” He added that BCH’s performance over the past five years has shown that it is a “failure.”
Saylor Hints on the Positive Side of Altcoins
In a recent CNBC interview, Saylor admitted that digital assets offer good solutions such as fast transactions and availability 24/7.
He added that the industry only needs proper regulations from financial authorities.
“This industry has some good ideas like digital currencies and assets moving at the speed of light that are unstoppable and a digital commodity that can’t be debased [. . .] [Crypto] needs clear guidelines from Congress. It needs clear rules of the road from the SEC,” Saylor said.
This is not the first time Saylor will voice his support for the regulation of cryptocurrencies. In February 2022, he expressed his backing for the roll-out of regulatory guidelines to guide the asset class. The Bitcoin proponent believes that such regulations will bolster the adoption of Bitcoin.
Crypto Regulations are Underway
Recent reports show that regulatory authorities in several countries are inching closer to dispensing laws to guide the usage of crypto assets. On February 1, the United Kingdom government took steps to prepare regulatory guidelines for cryptocurrency usage.
Hong Kong is another country working to dispense crypto laws. The country’s financial agency focused on stablecoins, a type of cryptocurrency designed to keep a fixed price. While working on the regulation of stablecoins, the agency ruled out algorithmic stablecoins.
